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CDS – The Possible End of IBC is Worrying

The parliamentary leader of the CDS, António Lopes da Fonseca, said today that his party “is deeply concerned about the current situation concerning the International Business Centre of Madeira (IBC).

In a press conference, the deputy said that, during this week and possibly next week, a Bill will be evaluated and certainly approved, which will review the fiscal statutes, in the Assembly of the Republic.  In a statement he said. “Law 66, has an article (article 36) which, if not changed, could represent a real definitive axe for the IBC.  As such, it is urgent that we review it, especially article 36, as it is written so that the companies that comprise the IBC can continue to ’employ staff’ who do not live in the Autonomous Region of Madeira.  The proposal requires that the workers of the 2000 companies within the IBC have to live in Madeira.” This he says is not possible as most of the companies are internationally based. 

Another requirement of this new statute for tax benefits demands that all companies within the IBC sell their products to regional companies,  making the law particularly obtuse when this is not a requirement for companies that are outside the IBC. “How can such a thing be demanded of IBC companies?”

Moreover, the socialist party and its left wing allies want to bring about the end the IBC, and if successful this will bring about the demise of 2400 companies and the loss of 6000 jobs (3000 direct and 3000 indirect), as well as a probable loss of  €120 million for the Regional Government.

Furthermore, António Lopes da Fonseca said that he is “very concerned about the situation, and that his parliamentary group “is taking steps to remove these two points, namely article 36 from the Law Bill, because if these changes are not made, we will witness the beginning of the end of the IBC.”

Considering this situation “a real attack on the Region, possibly, premeditated,” the CDS leader  concluded that “this whole situation is truly dramatic for the Region and calls into question, not only Madeira but also the credibility of our country, especially when the IBC holds an internationally accredited ship register. ”

Samantha Gannon

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